EURJPY - 164 coming up
If we look at the Price Action of last week we can see
1. Price Movement - from a low of 155.15 in the London Open of Monday to a high of 161.16 in the NY AM session of Friday. Range of 600 pips.
2. Established Trendline Support - which was tested on 3 separate occasions, with only wicks breaking this line.
3. Bias Shift - to the long side on Wednesday Asian Session with the 55 MAV crossing the 100 MAV.
Currently price is in a Small Symmetrical Triangle at the close of the NY session from Friday.
Next Week ? Suggesting an opportunity for price to move up.
Entry - 159.45 . Around this price we have the confluence of 3 factors
a. 50 MAV
b. Supporting Trendline
c. Fibonacci 70.5 retracement level.
Stop - there is a Swing Low of 158.42. Below this is suggested. If price breaks this level, then we have a break of structure which would establish the change of character and the bias would shift to short.
Target - would be between a Symmetrical Price Swing and the overlying Daily Resistance. Anywhere from 163.20 = 1.6380.
RR = 3+
1. Price Movement - from a low of 155.15 in the London Open of Monday to a high of 161.16 in the NY AM session of Friday. Range of 600 pips.
2. Established Trendline Support - which was tested on 3 separate occasions, with only wicks breaking this line.
3. Bias Shift - to the long side on Wednesday Asian Session with the 55 MAV crossing the 100 MAV.
Currently price is in a Small Symmetrical Triangle at the close of the NY session from Friday.
Next Week ? Suggesting an opportunity for price to move up.
Entry - 159.45 . Around this price we have the confluence of 3 factors
a. 50 MAV
b. Supporting Trendline
c. Fibonacci 70.5 retracement level.
Stop - there is a Swing Low of 158.42. Below this is suggested. If price breaks this level, then we have a break of structure which would establish the change of character and the bias would shift to short.
Target - would be between a Symmetrical Price Swing and the overlying Daily Resistance. Anywhere from 163.20 = 1.6380.
RR = 3+
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